The current Chinese model's basically you have fully publicly traded companies, companies who are either minority or majority owned by a certain provincial government and ones who are either minority or majority owned by the central government (although this is surprisingly rare outside of key areas like telco/banking)

Something like 60% of the top of 100 companies in China are entirely state-owned. Most of the rest are government stake

key industries are all controlled by the govn't

The US never owned a brewer, an airline, the major defense giants, etc.

"Air America was an American passenger and cargo airline established in 1946 and covertly owned and operated by the Central Intelligence Agency (CIA) from 1950 to 1976."

https://en.m.wikipedia.org/wiki/Air_America_(airline)